Patel Engineering net profit grows to Rs 84.3 crore in March quarter

Patel Engineering on Monday posted a four-fold jump in its consolidated net profit at Rs 84.3 crore during the March 2023 quarter, boosted by higher revenues.

It had clocked Rs 21.2 crore net profit during January-March quarter of preceding 2021-22 fiscal, the company said in a statement.

The company's revenues from operations also surged to Rs 1,298.34 crore, from Rs 1,111.6 crore in the year ago quarter.

Company's CMD Rupen Patel said: ''This year has been exciting with new projects coming onboard and taking our order book to an all-time high beyond Rs 2,00,000 million. We have achieved improved revenue and profit figures showcasing the strength and resilience of our business in a competitive environment.'' Kavita Shirvaikar, Director & CFO, said, The company won several water tunnel and irrigation projects in Maharashtra, Karnataka, and Madhya Pradesh during the quarter.

''We continue with our efforts to monetise non-core assets and have reduced debt by more than Rs 5,000 million in FY23 and we expect to continue further reduction in overall debt going forward,'' she said.

The Mumbai-based engineering, procurement, and construction (EPC) firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.